The average rate on a 30-year mortgage sits at 6.13%, according to Freddie Mac, and mortgage specialists are outlining steps homebuyers can take to reduce their borrowing costs. The rate bottomed out at just under 6% in February following a late-2025 Federal Reserve rate cut before climbing sharply through March and into early April, briefly approaching 6.5% as tariff-driven market turmoil rattled bond markets.

Since early April, mortgage rates have pulled back as trade tensions have shown early signs of easing. A recent Freddie Mac study found that getting at least four rate quotes can save a borrower over $1,200 annually.

Michael Borodinsky, branch manager for loanDepot, pointed to credit scores as a starting point. "A higher credit score can noticeably lower your rate," he said. "In many cases, moving from the mid-600s to the mid-700s can save you up to 0.25% on your interest rate."

For buyers who do not plan to stay in a home long, adjustable-rate mortgages may offer savings. ARMs come with an initial fixed-rate period of three, five, or seven years, after which the rate adjusts based on the index rate to which they are tied, and they typically start lower than fixed rates. Borodinsky said, "Short-term buyers, typically those planning to stay five to seven years or less, face more risk."

Brian Shahwan, vice president and mortgage banker at William Raveis Mortgage, said those borrowers should weigh ARM products. "If a buyer plans on retaining the property for a short period of time, they should consider ARM products," he said. "In many cases, ARM rates are much more favorable than fixed rates. They can allow a borrower to keep their monthly costs as low as possible without the risk of entering the unlocked rate period."

Borodinsky also pointed buyers toward newly built homes. "It's definitely worth taking a look at new construction, because many homebuilders offer steep rate buydowns and discounts, which can go as high as 2% or 3% for the first few years of the loan term," he said.

Nicole Rueth, senior vice president at CrossCountry Mortgage, said borrowers should look beyond the headline rate when negotiating. "What most buyers don't realize is that the rate isn't the only number to negotiate," she said. "Lender fees, points, and loan structure are all on the table."

Sellers can offer concessions that buyers apply toward closing costs, fees, or buying down their interest rate. Rueth said, "In this market, many sellers are offering substantial closing cost credits, and the smartest thing a buyer can do with that money is buy down their interest rate permanently." She added, "You need enough time to recoup closing costs through equity gains and payment versus rent savings."